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What is the filing of income tax returns and why is it required?
Filing of the income tax returns (ITR) is a statement of your income across different sources, tax liabilities, the tax that has been paid and the refunds (in case any) that the government is supposed to give. Filing of the income tax provides proof for your income as legal and disclosed. It helps you in many ways such as getting refunds, applying for loans, applying for tenders, startup funding etc.
File your income tax return within time.
Income tax return is an annual statement of the income and tax paid thereon based on self-assessment by the taxpayer detailing the gross receipts, expenses & taxes paid. The return of income tax has to be filed within its due date which falls in the next financial year for the income earned during a financial year. The year in which the return is to be filed is known as assessment year and the period for which the tax return is filed is known as the previous year. For example, the if the income earned is within 2017-18, then the period shall be known as the previous year and the assessment year shall be 2018-19.
Key points on income tax return(ITR).
FIRST PAY TAX THEN FILE THE RETURN
Filing of income tax return is a self assessment method wherein the taxpayer needs to make a computation of taxable income earned during the previous year and the income tax payable thereon. Before filing the return, the due tax must be paid. The tax can be paid online or through challan 280 by depositing in bank with cheque or cash.
LATE RETURN FILING
If the taxpayer has missed the due date of filing the Income tax return, the same can still be submitted as “belated income tax return” within the last date of the assessment year. However, the losses or accumulated depreciation cannot be carried forward, and in case there is any error the belated return cannot be revised in late return filing.
PENALTY FOR NOT FILING THE ITR
Filing of ITR is a mandatory requirement under section 139 of the Income Tax Act,1961 and non-filing of the same attracts a penalty of Rs. 10,000/-. This penalty is over and above the interest or other consequences on nonpayment of tax. However, if a genuine reason is shown to the satisfaction of the ITO, it may be waived off or reduced.
Benefits of filing Income Tax Returns.
Avoid IT Scrutiny
Avoid legal repercussions If cash deposited during the demonetization period is greater than Rs 2 lakh in your bank account.
Carry Forward your losses
You can carry forward losses against house property and depreciation.
Avoid Tax Notices
Taxpayers often get served notices from the IT department for delayed & missed return submissions.
You can claim tax refund; earlier your file sooner you get the refund.
Build Financial Documentation
Your Tax Return documents are proof of your financial investments and will be useful when you apply for a loan or a visa.
Quick Visa processing
Most embassies and consulates require you to submit IT returns for the last 3 years.